The days of the repurchase obligation are here. As employee stock ownership plans (ESOP) age, and as the economy picks itself up from turmoil, new valuation challenges are arising in assessing the viability of ESOP plans. At the heart of the issue is the ability of the company to exercise "put" options as defined in their ESOP. As Jared Kaplan explains, though these transactions are "financially neutral," they can have serious consequences on the operation and growth abilities of the issuing company and, in turn, its value and its ESOP. In ESOP Valuation: Repurchase Obligations, Kaplan and Robert Gross examine how the confluence of aging ESOPs and the current economic environment has created a new burden on appraisers to master the art of valuations for ESOPs. This thorough review of the careful balancing act of current and future repurchases is a must for anyone operating in this expanding valuation space.